Ann: Becoming a substantial holder, page-12

"I really couldn't be bothered to rehash all my umpteen previous posts on valuation so go check them."

I'll take that as a euphemism for: "Actually, I haven't really done the work; I'm just winging it. Again. In the typical stockbroker fashion."

On the other hand, I'm not scared to offer my valuation calculations:

At the current share price, ANG's EV is $130m.
A fair EV/EBITDA multiple for a business like ANG is, I believe, between 5.5x and 6.0x EV/EBITDA (which corresponds, respectively, to P/E multiples of 15x and 18x).

At the generous upper value of 6x EV/EBITDA (i.e., 18x P/E), that implies a required EBITDA run-rate of $22m pa. This compares to current EBITDA run rate of less than $1.0m pa.

That's a massive turnaround required in fortunes.

So, I dunno so much.
On those numbers, the stock doesn't strike me as being that cheap.

Where do you think I might be wrong?